The Naira has depreciated by N52.24 against the dollar in the foreign exchange market over the past 48 hours, with the exchange rate dropping from N1600.78 on Friday to N1653.02 on Tuesday, according to FMDQ data.
This marks the second depreciation this week, following an initial rate of N1603.16 per dollar on Monday.
The decline in the Naira’s value coincides with a significant drop in foreign exchange transaction turnover, which fell to $176.15 million from $359.22 million at the beginning of the week.
However, in the black market, the Naira was valued at N1728 per dollar on Tuesday.
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Despite ongoing interventions by the Central Bank of Nigeria, the Naira continues to experience volatility in the foreign exchange market.
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